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Debt hits `77 percent of young people`

9 October 2007

Almost four out of five young people have been in debt, new research shows.

As debt problems mount up for much of the UK, a study by youth charity Rainer has found that 77 per cent of those under 21 had been in debt at some stage.

Nearly half of those quizzed for the poll said they had taken out a loan for debt consolidation purposes, while 32 per cent were in financial trouble due to credit card debts. The study found that one-in-five were left with £50 or less to live off per month.

Rainer chief executive Joyce Moseley said: "Young people tell us that being in debt is now just part of the norm, but it can quickly become a millstone around their neck.

"In addition to the stress it can cause, there is strong evidence that debt can prevent young people from living independently or taking part in education or even eating healthily."

A charity for under-supported young people, Rainer recently celebrated its bicentennial anniversary.

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